Gold Price Forecast March 2, 2018, Technical Analysis

Gold markets fell during the trading session on Thursday as the US dollar strength in. I believe that the market continues to find buyers in this general vicinity, and I believe that the market will eventually rally from here, so I believe that if you can find gold with little leverage, you can take advantage of what should be a longer-term situation that looks bullish for gold. The US dollar falling will turbocharge the market to the upside, just as it has been bringing gold down as it has strengthened. I think if we break down below the $1300 level, the market probably goes down to the $1275 level next as it is an area where we’ve seen both support and resistance.

The $1325 level above being broken should free the market to go to the $1340 level, and that eventually the $1350 level. Longer-term, I believe that eventually we can break above $1400, sending this market into a longer-term “buy-and-hold” situation, reaching towards the $1800 level, and then the $2000 level. I think that we continue to be very noisy, but I do like adding to my position as we go higher and clearer each one of the lines that I have marked on the chart. The US dollar has its influence, but there’s also the possibility that the geopolitical issues around the world could send money into gold as well. Ultimately, I think that longer-term this is a nice opportunity to go long on these pullbacks as it offers a bit of value.

Gold Price Predictions Video 02.03.18